This blog is about macro-economics, financial markets and the world that has been pulled over your eyes to blind you from the truth.

— Neo: What truth?
— Morpheus: That you are a slave, Neo.

2010-01-22

ABC: not sure there are enough votes to re-confirm Ben Bernanke

Finally some good news: we might actually get rid of Bernanke sooner than expected.

While generally speaking I agree with Thomas Jefferson :

A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine.

The bright side is that sometimes, democracy seems to work: when the politics need votes to get reelected and that the interest of the majority is aligned with the interest of the nation as a whole, good thing happen.

(ABC)Amidst the voter anger at Wall Street and Washington, D.C., ABC News has learned that the Senate Democratic leadership isn't sure there are enough votes to re-confirm Ben Bernanke for another term as chairman of the Federal Reserve.

Bernanke's term expires on Jan. 31.

The White House did not respond to many requests for comment.

"The American people are disgusted with the greed and recklessness of Wall Street," Sen. Bernie Sanders, I-Vt., said in an interview with The Associated Press last month. "People are asking, 'Why didn't the Fed intervene at the appropriate time to stop the casino-type activities of large financial companies?'"